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Greenlight Card Assessment: Is that this Debit Card Well worth the Cash?

In order for you a Greenlight card evaluation that doesn’t in the reduction of on the main points, you’ve come to the precise place.

In the present day, we’ll discover Greenlight from top-to-bottom (and even in and out!)

First, you’ll study what Greenlight is, how Greenlight works, after which we’ll dive into extra element, comparable to:

  • The professionals and cons of the platform
  • How Greenlight can profit your youngsters
  • And the way it could make your life simpler, as a father or mother

Able to see if Greenlight is the very best debit card on your youngsters?

Let’s get began.

Total Ranking:

Month-to-month Price

Funding choices

Ease of use



Stay notifications

Parental controls

No overdraft charges

Digital deposits solely

Comparatively excessive month-to-month value

What’s Greenlight?

Greenlight is a pay as you go debit card and app that folks can use to show their youngsters private finance. The Greenlight card teaches youngsters about spending, saving, giving, investing, and taking duty for his or her chores – all whereas dad and mom monitor and approve every transaction.

How Does Greenlight Work?

Greenlight is a one-stop-shop relating to dad and mom educating their youngsters about cash administration:

Greenlight Card for Kids

The finance app helps dad and mom save money and time with the next options:

  • Spend controls 
  • Steadiness monitoring
  • Stay notifications
  • Cellular funds
  • Immediate cash transfers

Mother and father can merely begin with a pay as you go debit card (minimums usually vary between $1 to $20).

With Greenlight you gained’t must pay:

  • ATM charges*
  • Overdraft charges
  • Over-limit charges

*Some ATM operator charges would possibly apply

It will get higher: Relying on the tier that you simply buy (Greenlight provides 3 tier packages), you might additionally begin educating your youngsters make investments.

Now, due to Greenlight, you as a father or mother have the flexibility to show your youngsters monetary principals from an early age.

Execs and Cons of Greenlight

Let’s take a big-picture have a look at the Greenlight execs and cons:

Execs Cons

Educate your youngsters handle cash (no minimal age requirement)         

Month-to-month prices could also be comparatively excessive (beginning at $4.99)

Prime-level parental controls

The investing possibility is on the market solely on the two costlier month-to-month tier packages

No overdraft charges, ATM charges, and so forth.

Greenlight playing cards require dad and mom to pay extra curiosity

Mother and father can elect to approve little one’s transactions

Month-to-month most hundreds are capped between $4,000 to $7,500

Stay alerts for spending transactions

You can’t deposit bodily money – solely digital transfers are permitted

Educate your youngsters make investments and the facility of compound curiosity

Widespread buyer complaints concern the issue of closing a Greenlight account

Pay your youngsters for chores and train them duty

Customer support may not be as responsive

Incentivize your youngsters’ financial savings technique by boosting curiosity funds

You can’t take out loans or lend cash to your youngsters

Greenlight Total Ranking

Earlier than studying additional, try my scores for every of the next 6 classes:

Total Ranking



Safety & Security




Funding Choices




Buyer Service


To offer a little bit extra element on the rationale for my scores, check out my breakdown beneath:

  • Liquidity – Your youngsters (and also you) can use the pay as you go Greenlight debit card anytime, wherever. There isn’t any lock-up interval
  • Safety & Security – Greenlight provides FDIC safety for money, SIPC safety for investments, cellphone safety, buy safety, and identification safety
  • Usability – Very intuitive web site interface, real-time alerts for fogeys (when youngsters make transactions), very straightforward to make use of
  • Funding Choices – The Greenlight + Make investments tier provides primarily ETFs from corporations value $1 billion or extra
  • Charges – Whereas month-to-month charges are usually not too costly, they are typically on the excessive aspect (beginning at $4.99)
  • Buyer Service – A standard grievance is the shortage of pace at which customer support members reply to requests. Nonetheless, the customer support cellphone quantity is on the market to name for prolonged hours in the course of the week and even on weekends

Thus far, I’m fairly impressed with this platform.

About Greenlight Debit Card for Youngsters

Greenlight comes with a whole lot of user-friendly options and providers.

Right here’s a fast breakdown:

About Greenlight

Yr Based


Headquarter Location

Atlanta, Georgia

Variety of Downloads

4 million+

Financial savings on Greenlight Platform

$50 million

Minimal Month-to-month Price


Minimal Quantity to Fund PrePaid Debit Card

$1 to $20

What You Can Educate Your Youngsters

– Saving

– Incomes

– Investing

– Spending

– Budgeting

– Accountability

– Purpose Planning

Security Options

– FDIC insured

– SIPC insured

– Overdraft safety

– Deactivate card if misplaced or stolen

– Father or mother approval for transactions

– Prime degree knowledge encryption software program

– Father or mother potential to dam unsafe spending classes


– Android

– MacBook

– Home windows PC

– Amazon Kindle

– Apple iPhone (5S or newer operating on iOS 12 or higher)

Buyer Service

– Telephone [888-483-2645]

– E-mail []

Buyer Service Hours

– M to F 8am to 11pm EST

– Saturday & Sunday 8am to 9pm EST

Debit Card Nation Availability

– No worldwide charges

– No international transaction charges

– 150+ international locations settle for Greenlight

– 74 international locations don’t presently settle for Greenlight Card

– 83 international locations settle for Greenlight purchases however not ATM withdrawals

Should you’re trying to journey overseas and aren’t certain in case your Greenlight Card will work on your worldwide travels, simply attain out to to verify you should use your card.

The excellent news is that 150+ international locations settle for Greenlight at this level.

Greenlight Card Options 

The extra options provided with Greenlight debit card embrace the next:

  1. Direct Deposits
  2. Custom-made playing cards
  3. Immediate cash transfers
  4. Parental spend controls 

Let’s examine them out.

1. Direct Deposits

Should you’re trying to train your little one accountability and duty, then think about using the direct deposit characteristic.

With the direct deposits characteristic, you might:

  • Assist your youngsters handle the cash they earn
  • Educate your youngsters to take a position a portion of their paycheck
  • Educate your youngsters higher cash administration methods 

As soon as your little one has arrange the direct deposit, it ought to usually take between 1 to 2 pay intervals earlier than depositing into the Greenlight account (and this depends upon your little one’s employer).

When the direct deposit hits your little one’s account, Greenlight sends a real-life notification to replace them that cash is on the market.

2. Custom-made Playing cards

One of many cool issues in regards to the Greenlight debit card for youths that I actually like is the choice for fogeys and children to create a personalized card.

Greenlight Customized Card

You don’t simply must add footage of your youngsters on these customized playing cards.

Your youngsters can add footage of:

  • Their pets
  • Their household
  • Their associates
  • Their favourite trip spots 

Simply remember that ordering a customized card does value extra cash – $9.99 to be precise.

You may select actually any picture out of your picture library and match that to the customized card builder in Greenlight.

Greenlight Custom Card Builder

After you have chosen a picture and match it to your customized card, you may click on “Subsequent” and place your order.

Greenlight Custom Card Builder 2

With the customized card, you may both use customary delivery, which is free, or you should use expedited delivery for $24.99.

3. Immediate Cash Transfers

In a world the place everyone seems to be so busy, having an choice to immediately switch cash is usually a large plus for fogeys.

Beneath is a bit more info relating to immediate transfers:

Greenlight Immediate Transfers

Transfers out of your debit card:

Speedy availability

Transfers out of your checking account:

2 to three enterprise days

If you’re in good standing with Greenlight, then your transfers could also be fast.

4. Parental Spend Controls

The parental spend management characteristic is one thing most dad and mom will recognize.

Some extra parental spend controls that you should use embrace:

  1. Retailer-specific 
  2. In-app approval
  3. Class-specific
  4. Freezing your child’s card 

Let’s take a more in-depth have a look at the parental controls you may implement on your little one.

Parental Management #1: Retailer Particular Limits

Should you don’t need your little one to spend their cash at a sure retailer, now you can set spending limits on particular shops.

One other neat factor in regards to the Greenlight debit card is that the second your little one makes an in-store buy, you’ll obtain a real-life push notification.

Greenlight Notification

In case your little one does attempt to buy one thing from one of many shops you determined to dam, your little one’s card will probably be declined.

Parental Management #2: In-App Approval

The excellent news is that the Greenlight card provides an open communications system for fogeys and children.

For instance, in case your little one outlets at a brand new retailer and doesn’t come up with the money for of their “Spend Anyplace” account, then your little one can ship a real-time request so that you can add funds to their “Spend Anyplace” account.

Parental Management #3: Class Particular Limits

Greenlight has decided that the highest 5 spending classes for youths and teenagers embrace:

  • ATMs
  • Eating places
  • Fuel stations
  • On-line gaming 
  • Grocery shops 

You’ll usually see the 5 classes listed in your little one’s dashboard like this:

Greenlight Child Dashboard

A wise system that Greenlight has put in place takes ATM withdrawals into consideration.

Greenlight has deactivated the flexibility for youths to withdraw greater than their stability for ATM spending.

For the next classes, you may elect to have any overages pulled out of your little one’s “Spend Anyplace” account:

  • Eating places
  • Fuel stations
  • On-line gaming
  • Grocery shops 

Nonetheless, when you desire that your little one’s account settings is not going to pull overages from their “Spend Anyplace” account, you may simply flip off this setting.

Greenlight Spend Anywhere Overage Option

As you may see from the screenshot above, you may toggle on or off the flexibility for overages to come back out of your little one’s “Spend Anyplace” account.

Parental Management #4: Freezing Your Little one’s Card

In a worst-case state of affairs, you may as well elect to deactivate and freeze your little one’s card.

You’ll usually wish to resort to this case if:

  • Your card was misplaced
  • Your card was stolen
  • You don’t need your little one utilizing the cardboard anymore 

This may be accomplished out of your app (the father or mother app).

Greenlight Manage Card

First, you’ll navigate to your little one’s dashboard, then click on on the “Handle Card” headline to show the cardboard on or off.

Greenlight Turn Off Card

When you verify to show off your little one’s card, Greenlight will even ship you and immediate to order a alternative card, if you’d like.

Remember that your first alternative card will probably be changed without cost and any replacements thereafter will value $3.50 per card.

Greenlight Plans and Pricing

Let me be upfront in regards to the Greenlight Debit Card charges:

In my view, the month-to-month charges are a bit increased than what I want to see.

Nonetheless, the charges are nonetheless reasonably priced, and it’s powerful to place a value on hands-on monetary literacy schooling on your youngsters.

Right here’s an summary of what you may anticipate while you open a Greenlight debit card for youths:

Greenlight Card Overview

Minimal Age


Minimal Steadiness

$1 to $20

Most Steadiness

– $7,500 (for youths)

– $15,000 (for major account homeowners like dad and mom)

Typical Curiosity Fee (Father or mother Paid)

1% to 2%

Security & Safety Options

– FDIC safety

– SIPC safety

– Actual-life transaction notifications

– Mastercard Zero Legal responsibility Safety

– Unsafe spending classes are blocked

– Flip your card on/off immediately from the app

Typical Charges

– Month-to-month charge (beginning at $4.99)

– Customized card (1-time charge for $9.99)

– Substitute card (1 free alternative card per little one. Something thereafter prices $3.50 per card)

The place is Greenlight Accepted?

Most worldwide international locations (150+ international locations)

Can youngsters earn money again rewards?

Sure, Greenlight Max customers can earn 1% money again on purchases

Does Greenlight work with Google Pay?


Does Greenlight work with Apple Pay?


Greenlight has 3 plans:

  1. Greenlight
  2. Greenlight + Make investments
  3. Greenlight Max

Greenlight Greenlight Invest Greenlight Max

Whereas the price of the Greenlight card for youths is just not outrageous, it may very well be much less.

Beneath is a greater breakdown of the charges and options for every of the three Greenlight debit card tiers:

Greenlight Plans

There may be even higher information:

You may enroll free for 1 month and expertise a Greenlight demo bundle.

That manner, you may work out whether or not you just like the Greenlight debit card for youths.

Plus, you may cancel your month-to-month subscription at any time.

fiona smith the millennial money woman

The Backside Line:

Greenlight fees you a month-to-month, recurring charge on your card use. Charges are comparatively reasonably priced (beginning at $4.99 monthly), and might help train your little one about cash utilizing a hands-on method.

Greenlight Usability & Interface

If I may, I’d fee the Greenlight app an 11 out of 10.

It’s extraordinarily user-friendly, intuitive, and it does an important job of displaying the data in a neat and arranged style.

Greenlight Interface

Right here’s what I really like (and recognize) in regards to the Greenlight debit card for youths:

  • No age restrictions
  • The app is simple to make use of
  • Straightforward to switch cash 
  • You may train your youngsters worthwhile finance expertise

Total, the Greenlight platform itself is an easy design with an interface that’s pretty intuitive and that may allow you to handle and evaluation your little one’s funds.

Greenlight Buyer Service Assessment

I’m drawing from my very own private expertise from talking with a Greenlight private consultant:

Class Ranking (0-5)





Buyer Expertise


There are 5 methods you may have your Greenlight questions answered:

  • By e-mail
  • By cellphone name
  • By textual content message
  • By reaching out via Greenlight’s social media platforms through direct message

Greenlight Contact Strategies


Telephone Name


Textual content Message


Social Media

Twitter, Fb, Instagram, YouTube

Telephone Help Middle Hours

– M to F 8am to 11pm EST

– Saturday & Sunday 8am to 9pm EST

Whereas vacation hours could apply, you may join with a Greenlight consultant nearly any time.

To be sure you get the complete image of Greenlight’s customer support, try Greenlight’s profile on the BBB (Higher Enterprise Bureau) or

Whereas it doesn’t seem that Greenlight is rated by the BBB, the corporate does have 1000’s of critiques on TrustPilot.

Greenlight Trustpilot Report

A strong 88% of respondents rated Greenlight common to wonderful.

Whereas Greenlight does seem to have a fairly good total ranking with its clients, I nonetheless assume it’s vital to periodically learn the critiques – each good and unhealthy.

Greenlight Trustpilot Complaint

Above is an instance of a standard buyer grievance about withdrawing cash from a toddler account to pay the month-to-month charge if the father or mother account doesn’t have sufficient money.

Whereas Greenlight’s customer support crew does reply to every one of many buyer complaints, the responses (90% of the time) are very generic.

As a buyer, I most likely wouldn’t be too comfortable to obtain a regular response to my grievance.

At all times take these critiques with a grain of salt.

Greenlight Card Steadiness & Load Limits

Within the grand scheme of issues, Greenlight is clear and cheap with its charges.

First, check out the ATM withdrawal prices related to the Greenlight card:

Greenlight ATM Withdrawal Prices

ATM Withdrawal Charges


Most Each day ATM Withdrawal Restrict


Most Month-to-month ATM Withdrawal Restrict


Should you ever lose a Greenlight card (which may occur fairly often to me!), then try this info beneath:

Greenlight Card Substitute Charges

First Card Substitute


Second+ Card Substitute


Specific Supply for Card Replacements


Some pay as you go debit playing cards could cost you a small charge to reload your playing cards.

Not with the Greenlight debit card:

  • Money Reload Payment – $0

It is perhaps considerably of a problem to first load cash into your account after which switch the funds to your little one’s account, however not less than you don’t must pay any charges.

Now let’s check out the next:

  • Switch limits
  • Spending limits
  • Minimal card balances
  • Most card balances 

Earlier than you begin importing money to your little one’s Greenlight debit card, it’s vital to know the boundaries you and your little one would possibly encounter.

First, let’s check out the minimal card balances:

  • Minimal Quantity to initially load – $10 to $20
  • Minimal Quantity to reload – $1 to $20

There are additionally completely different load limits.

Test it out beneath:

Greenlight Load Limits

Most Each day Debit Load Restrict      

$1,500 (Per Father or mother)

Most ACH Load Restrict

$300 to $600 (Each 3 day rolling interval for father or mother accounts)

Most ACH Load monthly

$1,000 (For tenured accounts utilizing handbook verification)

Most Month-to-month Payroll Direct Deposit Masses

$5,000 (Per Household)

Most Month-to-month Whole Load from Make investments Accounts

$7,500 (Per Household)

Subsequent, let’s check out the utmost card balances:

  • Most Card Steadiness – $15,000 (For folks)
  • Most Card Steadiness – $7,500 (For teenagers)

Now let’s check out the utmost each day and month-to-month spending limits for each dad and mom and children:

  • Each day Spend Restrict – $1,500
  • Month-to-month Spend Restrict – $7,500

Greenlight + Make investments

If you wish to train your youngsters make investments, then you must contemplate the Greenlight + Make investments tier.

Whereas the Greenlight + Make investments plan prices $7.98 monthly, it’s a superb characteristic you should use to show your youngsters about investing and compound curiosity.

For instance, when you give your child $100 and advise your child to take a position $10 each month, from the day they’re 10 years outdated till they’re 60, they might have $51,729.17.

Greenlight Savings Chart

As you may see, the longer term worth of your little one’s funding over a 50 12 months timeframe will increase considerably over time.

And for precisely that cause, it’s vital to show your youngsters from an early age make investments.

Beneath are a number of extra options relating to the Greenlight + Make investments Tier:

Greenlight + Make investments

Minimal Age to Make investments


Do youngsters really commerce?

No, youngsters can solely request trades

Who locations the trades?

Mother and father really approve and place the trades

Minimal Funding


Buying and selling Charges


Variety of Investments Out there


Funding Sorts

– ETFs

– Shares

Fractional Investing Allowed?


Greenlight usually stays away from the extra various funding sorts (comparable to micro-cap corporations or different, extra unstable and dangerous investments).

fiona smith the millennial money woman

The Backside Line:

The Greenlight + Make investments tier, whereas costlier than the generic Greenlight tier, is a unbelievable alternative to show your youngsters make investments utilizing a hands-on and real-life investing app designed for any age.

Greenlight Giving Account

The Greenlight Giving Account is the place dad and mom and children can elect to donate a portion of their money to a charity of their selection.

You may choose to which class you’d wish to donate cash.

Greenlight Giving

From there, you’ll be rerouted to an out of doors web page, often called

When you’re on the Charity Navigator web site, you may try particular charities within the class you chose.

Greenlight Charity Navigator

When you’ve browsed via every charity, you may make a donation within the quantity you need.

After you’ve chosen your favourite charity, you may verify your donation and funds will probably be pulled out of your little one’s Giving Account.

Greenlight Giving Basket

It’s really a fairly easy course of.

How Greenlight Can Educate Your Youngsters About Cash

Listed below are 7 Greenlight options that train your youngsters to be higher cash managers:

  1. Spherical Ups
  2. Chore Plans
  3. Financial savings rewards
  4. Money again rewards
  5. Allowance automation
  6. Investing within the inventory market
  7. Father or mother paid curiosity incentives

Let’s take a deep dive into every of those 7 options.

1. Spherical Ups

Spherical Ups is a financial savings characteristic that helps youngsters spherical up spare change from purchases to the following full greenback.

The “rounded up” change is then added to their Greenlight Normal Financial savings account.

The rationale why I’m an enormous fan of the Spherical Ups characteristic is that you simply save on an “out of sight, out of thoughts” foundation.

Right here’s a fast instance:

Spherical Ups Instance

Price of buy


The Spherical Up characteristic will increase your buy to the following greenback


Quantity rounded up


Quantity transferred to financial savings account


In different phrases, the sum of money that’s rounded up is mechanically transferred to the Greenlight Normal financial savings account.

fiona smith the millennial money woman

The Backside Line:

Spherical Ups will be very efficient as a result of your little one can enhance their financial savings with out bodily having to maneuver cash between accounts. Spherical Ups does this mechanically.

2. Chore Plans

Since each little one utilizing Greenlight has their very own login, you (the father or mother) can assign chores to your little one (and sure, your little one will obtain real-time notifications).

This can be a nice system to show your kids duty and take possession of duties assigned to them.

You can pay your youngsters in 3 alternative ways in the event that they full their chore plan on time:

Greenlight Allowance Pay Out

Flat Fee

Your youngsters earn cash no matter finishing their chores

Partial Fee

In case your child completes 50% of their chores, then you definitely solely pay 50%

All or Nothing

In case your child completes each chore, then you definitely pay 100% of their allowance

And since each household works in another way, there are lots of methods to incentivize your youngsters to finish their chores.

For instance, dad and mom may join their little one’s allowance payout to the assigned chores.

You may elect to pay your little one primarily based on a number of components comparable to:

  • Partial funds – Your little one is paid a share of their allowance primarily based on the % of the finished chore
  • All or nothing funds – Your little one is paid 100% of their allowance if 100% of their chores are accomplished.

In my view, Greenlight is an effective activity and chore administration instrument on prime of being an efficient cash supervisor for youths.

fiona smith the millennial money woman

The Backside Line:

Greenlight helps youngsters perceive the significance of taking duty and possession of their chores. In return, dad and mom can join allowance payouts with every chore.

3. Financial savings Rewards

As of August 1, 2021, household accounts can earn annual financial savings rewards, primarily based on:

  • Carrying out financial savings objectives
  • The sum of money in a toddler’s normal financial savings account

Your loved ones may earn 1% yearly in financial savings rewards (if a Greenlight and Greenlight + Make investments member) and a pair of% yearly (if a Greenlight Max member).

You’ll then see the financial savings rewards paid in the beginning of every month.

Right here’s how financial savings rewards are calculated:

  • Each month, Greenlight estimates your little one’s common each day financial savings fee
  • The typical each day financial savings fee is multiplied by how a lot your little one earns yearly

Remember that Greenlight and Greenlight + Make investments households can earn 1% in rewards whereas Greenlight Max households can earn as much as 2% in rewards.

Should you’re curious to see how a lot your little one has earned in financial savings rewards, you may:

  • Click on in your little one’s dashboard
  • Click on the “Financial savings” headline
  • Click on on “Historical past”

Greenlight Savings

Incentivizing households and children to save extra money is a unbelievable method to construct wealth and lifelong cash administration expertise.

fiona smith the millennial money woman

The Backside Line:

Relying in your little one’s financial savings fee and your loved ones Greenlight plan, you might earn as much as 2% of curiosity as a financial savings reward.

4. Money Again Rewards

As of August 1, 2021, when you’re signed as much as the premium Greenlight Max tier (beginning at $9.98 monthly), your little one may earn as much as 1% in money again on any Greenlight purchases.

With the intention to qualify for the 1% money again, except for being a Greenlight Max member, households should additionally:

  • Be in good standing with Greenlight
  • Add a funding account (as an alternative of a debit card) 

Much like how one can see your little one’s financial savings rewards, you may as well evaluation your little one’s money again rewards by accessing:

  • Your little one’s dashboard
  • Clicking on the “Spending” Headline
  • Clicking on “Historical past” within the prime, proper nook
  • Clicking on the “>” on the prime, proper of the display (subsequent to the money again description)

When you click on the “>” you’ll see a abstract overview of the overall amount of money again rewards earned monthly.

Greenlight Cash Back

Whereas there are higher money again apps, Greenlight nonetheless does a superb job with this incentive.

fiona smith the millennial money woman

The Backside Line:

If you’re part of the Greenlight Max tier, then your loved ones has the possibility to earn 1% in money again rewards for purchases. The rewards will probably be tallied to your account in the beginning of every month.

5. Allowance Automation

As a father or mother, you should use Greenlight to arrange allowances to pay out both:

  • Weekly
  • Month-to-month
  • Bi-weekly

You may make modifications to your little one’s allowance by updating the:

  • Quantity 
  • Frequency
  • Location of the place the allowance is to be deposited

You may elect to deposit the allowance within the following accounts:

  • Giving Account
  • Normal Financial savings Account
  • Spend Anyplace Account

I’ve supplied a little bit extra element about every account kind beneath:

Account Sort Description

Giving Account

Donate to your favourite charity for at least $10

Normal Financial savings Account

Your little one can earn curiosity primarily based on their common financial savings fee

Spend Anyplace Account

Your little one can use this cash for spending functions and also you (the father or mother) can set spending limits on this account

Bear in mind, when you determined to improve to the Greenlight + Make investments or the Greenlight Max tier, you may as well have the flexibility to switch cash to your little one’s investing account.

For instance, you may elect to separate your little one’s allowance as 70/20/10 (so 70% of your allowance may go to the Spend Anyplace account, 20% to the Normal Financial savings Account, and 10% to the Giving Account).

The allowance is transferred out of your pockets to your little one’s account.

Typically talking, allowances are paid by 6 am EST on the day your little one is to obtain the allowance.

And, in case your little one occurs to be grounded and also you want to quickly droop their allowance, Greenlight provides a “Pause Allowance” characteristic.

To pause your little one’s allowance, merely:

  • Entry your little one’s dashboard
  • Click on on the “Allowance” heading
  • Click on on the toggle to show off the allowance

And, as talked about earlier, the allowance tab will also be related together with your little one’s weekly chores.

So, in case your little one completes their chores, they might obtain an allowance payout.

fiona smith the millennial money woman

The Backside Line:

Greenlight helps handle your allowance payouts to your little one as nicely. You may elect to auto fund your little one’s allowance and you’ll even elect to separate your allowance distributions between the three essential Greenlight accounts (Spend Anyplace, Financial savings, and Giving accounts).

6. Investing within the Inventory Market

Coming from the company funding administration world myself, I believe the Greenlight investing platform is an superior characteristic for youths to learn to make investments.

You may train your little one make investments when you’re a member of the next tier ranges:

  • Greenlight Max 
  • Greenlight + Make investments

The Make investments characteristic really provides dad and mom 2 choices to start out investing:

Investing Choices

Investing for Mother and father

Mother and father make investments for his or her youngsters’ futures

Investing for Youngsters

Youngsters can monitor, analysis, commerce actual shares and ETFs

The next shares and ETFs are provided on Greenlight:

  • A number of leveraged ETFs 
  • Market capitalizations > $1 billion
  • Shares usually listed on the NYSE and the NASDAQ
  • Change-listed sponsored American Depository Receipts (aka ADRs)

Though youngsters technically can request to commerce shares, since most kids who’re Greenlight card customers are minors, the buying and selling duty really goes to the father or mother.

As soon as the dad and mom have executed a commerce for his or her youngsters, youngsters can then monitor the efficiency of these investments utilizing the “Investing for Youngsters” part on their Greenlight app.

When your little one is organising their very own Investor Portfolio, Greenlight takes the time to ask a Threat Tolerance Questionnaire.

In different phrases, how a lot danger can somebody abdomen?

Clearly, if somebody doesn’t care if the inventory market goes down by 50% tomorrow, these individuals usually can abdomen extra danger (and thus have the potential for extra return).

Greenlight Invest Profile

As soon as the investor profile is accomplished, it’s time to start out researching which shares and ETFs work primarily based in your little one’s portfolio.

And remember that Greenlight provides greater than 4,000 shares and ETFs to select from!

To discover the kinds of funding choices provided by Greenlight, merely:

  • Click on on the “Investing” icon
  • Scroll to the “Investing Choices” part
  • Click on on “Firm Shares” or “Change Traded Funds” to discover particular person shares and/or ETFs

Greenlight Investment Options

When you’ve accessed both the “Firm Shares” part or the “ETF” part, you may as well use the search bar to take a look at a selected inventory or ETF.

Earlier than you may really make a commerce, you’ll must switch money to take a position.

You are able to do this by:

  1. Clicking on the “Investing” icon
  2. Clicking on the “Money to Make investments” headline
  3. Clicking on “Transfer $ In” headline
  4. Electing how a lot money you wish to switch
  5. Choosing from the place you wish to switch your money
  6. Clicking “Transfer Cash”

Greenlight Invest Cash

For the screenshot above, because you’re trying to make investments money, you’ll wish to click on on “Transfer $ In” and proceed to the following display.

Greenlight Move Money

Right here, you may choose the amount of money you wish to switch, and from the place it needs to be transferred.

The final step is to click on the “Transfer Cash” button.

This manner, the dad and mom actually keep management and an summary of their kids’s investing ventures.

fiona smith the millennial money woman

The Backside Line:

Educating youngsters the significance of investing from an early age is essential, and Greenlight can just do that. Youngsters can request trades, which oldsters should execute. From there, youngsters can study and analysis extra in regards to the inventory market utilizing the hands-on method.

7. Father or mother Paid Curiosity Incentives

Should you’ve ever put money in a financial savings account, you’ll know that the financial institution can pay you a sure rate of interest.

Sadly, within the fashionable economic system, rates of interest are fairly low and the best rate of interest you might receive is often from a high-yield financial savings account.

Nonetheless, Greenlight provides the parent-paid curiosity incentive.

How a lot of your parent-paid curiosity is transferred to your little one’s account depends upon the common each day stability of your little one’s Whole Financial savings for final month.

Utilizing the parent-paid curiosity plan, you might pay an rate of interest between 1% to 100%.

If you’re a Greenlight Max tier member, then you might even earn 2% yearly in curiosity (which is paid by Greenlight).

Right here’s how one can arrange your father or mother paid curiosity plan:

  • Entry your little one’s dashboard
  • Click on on the “Financial savings” headline
  • Click on on “Father or mother-Paid Curiosity,” positioned within the “Financial savings Boosts” part
  • Specify the rate of interest % you need your little one to earn
  • Click on “Save”

Should you don’t come up with the money for in your parent-paid pockets to cowl your parent-paid curiosity incentive, then Greenlight will ship you an alert so as to add funds to your account.

fiona smith the millennial money woman

The Backside Line:

Youngsters love incentives, and probably the greatest methods to incentivize your youngsters to avoid wasting extra is to offer them money rewards. That’s precisely what the parent-paid curiosity plan does: You may choose how a lot curiosity you want to pay your youngsters (from 1% to 100%) monthly primarily based on their common each day financial savings stability.

Greenlight’s Id Theft Safety

Is Greenlight secure?

The reply is sure.

Actually, Greenlight makes use of state-of-the-art know-how to guard you and your little one’s private knowledge from leaking into the improper arms.

Let’s have a look beneath.

Safety Sort What it Means

Zero Legal responsibility Safety

You gained’t must pay for “unauthorized transactions”

FDIC Insurance coverage

Your cash is protected (as much as $250,000 most often) if the financial institution fails

Flip Playing cards On/Off

Instantly deactivate playing cards if misplaced or stolen

Spend Controls

Set a most sum of money your little one can spend per class (like video video games, clothes, and so forth.)

Now, if security and safety is your No. 1 concern, then you definitely’ll most likely wish to contemplate the Greenlight Max tier, which prices $9.98 monthly.

That’s as a result of the Greenlight Max plan provides 3 extra options that the opposite plans don’t:

  • Telephone safety
  • Id safety
  • Buy safety

I went into a little bit extra element relating to the three safety sorts:

Greenlight Max Safety Sorts

Telephone Safety

Get reimbursed for the associated fee to exchange or restore your child’s cellphone for as much as $600 per declare (as much as a most of $1,000 per 12 months). You’ll pay a deductible of $25. Should you dwell in New York, this characteristic is just not obtainable

Id Safety

– Darkish internet monitoring

– Automated safety alerts

– Safety is supplied by Experian

– ID restoration service for the household

Buy Safety

Should you purchased one thing in full with a Greenlight debit card, and that merchandise was broken or stolen, Greenlight will reimburse you inside 120 days of the date of buy/supply as much as $100 per merchandise (as much as a most of $1,000 per 12 months)

Remember that when you do have a declare (and you’re utilizing the Buy Safety plan), then that you must file no later than 60 days after the set off occasion.

To file a declare, you may:

  • Click on on the “Settings” web page
  • Click on on “Cellphone & buy safety”
  • Navigate to the Declare Middle and click on “File a declare”

You may as well at all times name 866-599-1386 to file a declare.

fiona smith the millennial money woman

The Backside Line:

Greenlight provides top-notch knowledge encryption and safety for all 3 plans. If you’re very involved about your private knowledge and security, it’s possible you’ll wish to contemplate upgrading to the Greenlight Max plan, which additionally provides identification, cellphone, and buy protections.

Greenlight Training & Sources

The rationale why I’m such a fan of Greenlight is that it provides 2 issues on your youngsters:

  • Fingers-on cash administration expertise 
  • Interactive monetary and academic sources

Not solely do your youngsters learn to funds, spend, and even make investments, however with the Greenlight card, your little one may study private finance fundamentals.

Right here’s a extra complete checklist of the tutorial sources Greenlight provides for each dad and mom and children:

Useful resource Descripton

Monetary Movies

Entry monetary movies by clicking on the “Investing” icon and clicking on the “Turn out to be a greater Investor” part

Private Finance Quizzes

Study extra about cash by answering an assorted variety of private finance questions with solutions

Greenlight Weblog

Study private finance ideas and tips on the Greenlight weblog

Greenlight Assist Middle

Seek for nearly any Greenlight-related query, from investing to giving, to saving, to spending

Million Bazillion

Million Bazillion is a podcast made for youths to study extra about cash (it’s now in its second season)


The everyday questions you, as a father or mother, could ask about Greenlight are listed right here within the FAQ part

Greenlight Kahoot!

Educate your youngsters private finance fundamentals utilizing the Kahoot! platform’s game-based academic applications

As you may see, Greenlight doesn’t preserve you or your little one in the dead of night.

One among my favourite academic sources for youths is Kahoot! (which is free).

Greenlight Kahoot

With Kahoot! youngsters can play interactive and hands-on monetary literacy video games to enhance their monetary ideas.

The Million Bazillion (I really like that title!) podcast is one other cool place on your youngsters to study private finance.

Greenlight Million Bazillion

The podcast is now in its second season and talks about private finance ideas in easy phrases.

Greenlight Stock Market Episode

Every of the Million Bazillion podcast episodes convey finance enjoyable info and finance trivia to your youngsters, and it’s one other nice method to study cash.

Why You Ought to Get a Debit Card for Your Youngsters

Do you wish to train your youngsters about monetary literacy?

Then why not begin with a hands-on method.

Most monetary establishments, as a result of legislation, don’t enable minors (usually, anybody beneath age 18) to open their very own checking account, bank card, and so forth.

Not anymore.

Enter the Greenlight debit card for youths.

Greenlight Investing

With the Greenlight debit card, dad and mom can open financial savings, spending, and funding accounts for his or her youngsters – and age doesn’t matter.


Mother and father are the true account homeowners (the kid accounts are merely subaccounts, that are “owned” by dad and mom).

Why do you have to let your youngsters handle cash from an early age?

Kids who handle cash from an early age study:

  • Accountability
  • Accountability
  • Independence

And that’s the place the Greenlight debit card for youths actually makes a distinction.

Greenlight Debit Card

Mother and father and children can handle cash on a side-by-side foundation.

Mother and father can:

  • Ship cash to youngsters
  • Handle chore plans
  • Block in-store purchases
  • Handle allowance cash
  • Customise spending controls
  • Approve and execute commerce requests

Youngsters can:

  • Reward cash
  • Get monetary savings
  • Spend cash
  • Place commerce requests 

The neat factor with Greenlight is that you would be able to train your youngsters real-life classes in a secure surroundings with parental controls in place.

Methods to Open a Greenlight Account

Are you able to open an account with Greenlight?

First, head over to the Greenlight web site.

Subsequent, you’ll wish to click on on the massive, yellow button on the left that claims, “Get Began.”

You’ll must enter a legitimate US cellphone quantity.

Greenlight Card Account

After you’ve entered your cellphone quantity, you’ll must reply a sequence of questions, such because the one above.

Greenlight may even ship you a affirmation code textual content message, which you’ll must enter.

Greenlight Card Account 2

Subsequent, you’ll must reply a sequence of questions on your self and, after all, your youngsters as nicely.

You’ll additionally must arrange your little one’s Greenlight account.

Greenlight Card Account 3

You may add as much as 5 kids in your Greenlight account utility.

When you’ve included your private info, it’s time to arrange the father or mother pockets.

Greenlight Card Account 4

On this case, it seems to be just like the minimal preliminary funding quantity is $5.

When you’ve chosen your funding quantity, you may join both:

  • Your debit card
  • Your checking account manually
  • Your checking account mechanically (utilizing Plaid)

When you’ve arrange and linked your checking account info, you’ll have entry to your father or mother dashboard.

From there, you may transfer cash to your little one’s account via a easy course of.

First, out of your father or mother dashboard, click on on “Ship $” subsequent to your little one’s title.

Greenlight Send Money

Then, you may choose how a lot and to which account you want to ship your cash:

  • Giving
  • Normal Financial savings
  • Spend Anyplace

You may as well elect to create Spend Controls so that you simply restrict your little one’s purchases, relying on shops and even classes.

Once I discovered about this distinctive, customized characteristic, I believed that was fairly neat.

Greenlight Thank You Message

When you’ve accomplished these steps, you may click on the “Transfer Cash” button and switch the money to your little one’s account.

Now, if you wish to add cash to your little one’s investing portfolio, you are able to do so out of your father or mother dashboard.

First, click on on the “Investing” icon.

Greenlight Child Investing Portfolio

Then, you’ll wish to click on on “Money to Make investments,” which can immediate you to both transfer cash in or out of the investing account.

Greenlight Child Investing Portfolio 2

As soon as you choose the sum of money you want to transfer in or out of your little one’s account, you ought to be all set.

fiona smith the millennial money woman

The Backside Line:

The account opening course of may be very easy and took me about 5 minutes to finish. The remainder is all about customizing your father or mother and little one’s dashboards (comparable to importing customized pictures), which may take a little bit extra time.

Greenlight Options

Undecided if Greenlight is the precise match for you and your loved ones?

Listed below are different alternate options to the Greenlight debit card:

FamZoo does provide some choices that aren’t obtainable to Greenlight customers comparable to:

  • Lending cash to your youngsters
  • You should utilize both a pay as you go card or an “IOU” card
  • You don’t have to attach your checking account with FamZoo
  • You may financially penalize your youngsters for not finishing their chores

Nonetheless, FamZoo’s fundamental tier is definitely a little bit costlier than Greenlight’s fundamental month-to-month tier.


There isn’t any age restrict for the Greenlight card or for investing with Greenlight. It’s usually only to supply the Greenlight debit card when your youngsters are able to study cash. Typically talking, meaning your youngsters are someplace between ages 10 to 18.

So long as Mastercard is accepted, your Greenlight card will probably be accepted, each on-line and in shops. Moreover, Greenlight is accepted in over 150 international locations and counting.

Greenlight is a legit and secure finance app. Not solely does Greenlight provide FDIC insurance coverage to guard your money deposits, nevertheless it additionally provides SIPC safety on your investments. Moreover, Greenlight has state-of-the-art knowledge encryption software program, PIN codes and EMV chips to maintain your knowledge secure.

Whereas Greenlight does acquire private knowledge, your info is securely saved and encrypted utilizing top-notch software program. Greenlight collects private knowledge in 3 methods: 1) Any info you present; 2) Any info that’s collected mechanically via Greenlight’s digital platform (like from cookies); 3) Any info Greenlight receives from third events (your cellphone quantity, deal with, e-mail, and so forth.).

You may fund your Greenlight card in 2 essential methods: 1) You may join your checking account to your Greenlight account and make an immediate switch; 2) You may join your debit card to your Greenlight account and make an immediate switch. Any money transfers are first deposited into the Father or mother’s Pockets and might then be moved to your child’s financial institution accounts.

No, you don’t want a cell phone quantity to use with Greenlight. Whereas the Greenlight web site would require you to enter your cellular quantity to start out with the app, you may obtain the Greenlight App from any app retailer (without cost). The app will be downloaded on gadgets comparable to a cellphone, iPad, pill, and so forth.

Greenlight was based again in 2014. The corporate relies in Atlanta, Georgia and has had over 3 million customers and 4 million+ downloads.

Usually talking, you’ll want a father or mother or guardian to really create a Greenlight card account for you. If you’re 13 years or older, you may register for a Greenlight account by yourself.

The Greenlight debit card for youths is legit and secure. Greenlight provides safety features like top-notch knowledge encryption, FDIC insurance coverage, and EMV chips (which shield private knowledge when making a purchase order). On prime of that, dad and mom additionally obtain real-life notifications if their youngsters spend cash (and fogeys can approve every transaction, too!).

The Greenlight debit card for youths is a pay as you go debit card that provides dad and mom tighter management over their youngsters’ monetary conduct. Mother and father can set spending controls, handle chores, switch allowances, approve or block spending requests, and train their youngsters cash and funding administration utilizing a hands-on method.

The utmost sum of money you may load on a debit card per day is $1,500 per father or mother account. The minimal preliminary load quantity varies between $1 (if accomplished through ACH) to $20 (if accomplished through debit card).

Since each Greenlight buyer’s financial savings account is FDIC insured, Greenlight makes use of a financial institution, the Neighborhood Federal Financial savings Financial institution, to guard your cash. Along with the FDIC insurance coverage safety, additionally, you will have SIPC safety (for investing), top-notch encryption, firewalls, PINs, VPNs, and so forth.

Sure they do! So long as the ATM accepts Mastercard, Visa Interlink or Maestro, then the Greenlight card also needs to be accepted. Word that Greenlight is not going to cost for ATM providers (particular person ATM operators could cost charges). The utmost each day quantity you may withdraw from the ATM is $100, whereas the utmost month-to-month withdrawal restrict is $500.

For the reason that Greenlight debit card for youths is pay as you go, it doesn’t enable youngsters to construct credit score historical past, as a result of Greenlight is just not a bank card. This is among the main cons relating to the Greenlight card. Nonetheless, the professionals of the Greenlight card can outweigh the cons.

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Greenlight Card Assessment: The Backside Line

In case your aim is to show your youngsters about cash administration utilizing a hands-on method, then you must contemplate the Greenlight card for youths.

Right here’s why the Greenlight playing cards rocks:

  • You may train your child make investments
  • You will have spend controls on your youngsters 
  • You may approve your little one’s purchases
  • You may handle your little one’s chore plans
  • You may handle your allowance distributions
  • You may incentivize your youngsters to avoid wasting extra via father or mother paid curiosity

Personally talking, I believe one of many coolest options is that folks can make investments side-by-side with their youngsters.

Your youngsters can try completely different corporations, analysis their shares, and so forth., after which youngsters can place a commerce request, which must be verified by you (the father or mother).

Nonetheless, Greenlight may not be the best choice when you’re not an enormous fan of the month-to-month charges.

So, is Greenlight value it?

In my view, sure.

You may’t actually put a value on a toddler’s monetary schooling – particularly when you can train your child from an early age utilizing a hands-on method.

Your kids will thanks later.

What are your ideas on the Greenlight card? Let me know within the feedback beneath.



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